Elon Musk and Tesla Beat $258 Billion Dogecoin Lawsuit

Elon Musk and Tesla Dodge $258 Billion Dogecoin Lawsuit

A federal judge dismissed a class action lawsuit accusing Elon Musk and Tesla of manipulating the Dogecoin market, which sought $86 billion to $258 billion in damages. The accusers argued that Musk’s frequent social media endorsements of DOGE misled investors, causing financial losses, but the judge ruled that Musk's statements were merely "aspirational and puffery," not grounds for legal action.

The lawsuit, which was first filed in June 2022 and amended four times, also included claims of insider trading, but the judge found the allegations too vague to proceed, leading to the case's dismissal. Musk's influence on Dogecoin had previously caused big price fluctuations, including a surge to $0.73 in May 2021, but the meme coin's price dropped to $0.10 by the time of the ruling.

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Threshold Proposes tBTC Merger to Save WBTC

Threshold Network has proposed merging its wrapped Bitcoin token, tBTC, with WBTC, following concerns about BitGo’s partnership with Justin Sun’s BiT Global. The proposal would make BitGo the largest holder of Threshold’s T tokens and transfer control of WBTC’s mint and burn mechanism to Threshold DAO to ensure its stability and user safety.

If approved, the plan would involve minting an additional 1.65 billion T tokens, valued at about $36 million, with the aim of maintaining confidence in WBTC amid growing skepticism in the crypto community about Sun's involvement. WBTC currently holds a market capitalization of approximately $9 billion, making it the largest wrapped version of Bitcoin on the Ethereum network.

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Orderly Network's Discord Was Compromised After Airdrop

Orderly Network’s official Discord channel was compromised just days after launching its ORDER token and staking program, leading to a security warning for users. A hacker posted a fake airdrop link, likely intended to phish users, prompting the Orderly team to advise against clicking any links until the issue was resolved (a few hours later).

This security breach occurred as the platform was actively expanding its staking program, which promises to distribute 60% of net revenue to participants, underscoring the ongoing vulnerability to cyber-attacks that have already stolen $1.2 billion in 2024 alone. Orderly Network’s staking program, which launched alongside the compromised channel, aims to distribute 92 million ORDER tokens to eligible users.

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Millions Lost to Mbappé's Hacked Account Meme Coin

French football star Kylian Mbappé’s X account was hacked and used to promote a fraudulent Solana memecoin, MBAPPE, which temporarily skyrocketed in market value. The hack, which included posts about Manchester United, Cristiano Ronaldo and Lionel Messi, caused the token’s market cap to briefly reach $460 million before plummeting to less than $100,000 with around 700 holders.

Some traders even bet $1 million in an attempt to scalp the opportunity before losing 95% or more of their investment. Although the posts have since been deleted, the incident highlights the increasing frequency of celebrity account hacks aimed at pumping fraudulent crypto tokens, a trend that has seen several high-profile cases like Hulk Hogan and Doja Cat in recent months in recent months.

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Data of the Day

Drift Protocol's BET platform has seen a surge in trading activity, surpassing PolyMarket in daily volume with a 3,398% increase in just 24 hours. This dramatic rise was led by a single market related to Kamala Harris’s potential 2024 election outcome, which accounted for over $20 million in bets.

The sudden spike in volume, despite a decline in the number of trades, has led to speculation that large-scale traders, or whales, are driving the increase, raising questions about the platform's trading activity and its potential implications for other Solana projects.

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More Breaking News

• Renzo Protocol has launched its governance token REZ on Solana, utilizing Wormhole's framework to expand its multichain ecosystem and enhance liquidity.
• Australia has expanded its Bitcoin ATM network, growing from 73 machines in September 2022 to 1,162, making it the world's fastest-growing market.
• Bloomberg LP has integrated election odds data from crypto betting platform Polymarket into its Terminal, reflecting the interest in crypto prediction markets.
• Bridge, a Web3 payment firm founded by former Coinbase and Square employees, has raised $58 million to develop a stablecoin money movement platform.
• Web3 payments provider Transak has partnered with Sony's blockchain project Soneium to offer fiat onramps, aiming to bridge Web2 and Web3.
• A journalist at Foresight News successfully claimed MakerDAO's former handle on X during its rebrand to Sky, potentially using it to increase traffic to their website.

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